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Allergan Receives Unsolicited Takeover Proposal

A Quebec-based company wants to buy the Botox maker for $45.6 billion.

Irvine-based Botox maker Allergan is the target of a $45.6 billion takeover attempt by a rival company. Patch file photo.
Irvine-based Botox maker Allergan is the target of a $45.6 billion takeover attempt by a rival company. Patch file photo.

Irvine-based Botox maker Allergan acknowledged today it is the target of a $45.6 billion takeover attempt by a rival company.

Quebec-based Valeant Pharmaceuticals International Inc. has proposed acquiring all of the outstanding shares of Allergan for a combination of 0.83 of Valeant common shares and $48.30 in cash per share of common stock of the company.

Allergan's board of directors and legal advisers will review the unsolicited proposal and "pursue the course of action that it believes is in the best interests of the company's stockholders," according to a statement issued by the company, which advised its shareholders to take no action at present.

Goldman, Sachs & Co. and Bank of America Merrill Lynch are advising the company.

Last year, Valeant acquired Bausch & Lomb for $8.7 billion.

--City News Service


OldTimer April 22, 2014 at 05:48 PM
Just a matter of time before the pharma industry is composed of just a handful of companies. My guess is that Allergan bites at this offer and then swallows it all the way down to it's lower intestine. The days of the blockbuster drugs are practically over. Now all we see are molecular spinoffs of drugs that already exist or requests for extensions of patent lives! It's getting harder and harder for ethical drug companies to survive on their own. Buyouts are commonplace. And it's the trend. Expect more of it - like with the banking industry. Not good for Mr. Consumer tho. When the universe of companies gets smaller your wallets get lighter.

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